TD Cowen Issues Positive Forecast for Allegro MicroSystems (NASDAQ:ALGM) Stock Price
TD Cowen has raised its price target for Allegro MicroSystems (NASDAQ:ALGM) from $32.00 to $35.00, maintaining a "buy" rating. This new target suggests a potential upside of 17.88% from the current price. Other analysts have also adjusted their ratings, with an average target of $38.10. Allegro MicroSystems recently reported earnings of $0.13 per share, exceeding estimates, and its revenue increased by 14.4% year-over-year. The stock is currently trading at $29.69, with a market cap of $5.49 billion.
Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) had its price target increased by analysts at TD Cowen from $32.00 to $35.00 in a report released on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. TD Cowen's target price indicates a potential upside of 17.88% from the company's current price.
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Several other equities research analysts also recently commented on the stock. Bank of America dropped their price objective on shares of Allegro MicroSystems from $45.00 to $38.00 and set a "buy" rating on the stock in a report on Friday, September 5th. Mizuho upped their price objective on shares of Allegro MicroSystems from $37.00 to $40.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Wall Street Zen raised shares of Allegro MicroSystems from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. UBS Group boosted their price objective on Allegro MicroSystems from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday. Finally, Needham & Company LLC boosted their price objective on Allegro MicroSystems from $25.00 to $37.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Ten investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $38.10.
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Allegro MicroSystems Stock Performance
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Allegro MicroSystems stock traded down $0.58 during mid-day trading on Friday, reaching $29.69. 1,853,953 shares of the company's stock were exchanged, compared to its average volume of 2,586,722. The business's fifty day simple moving average is $30.02 and its 200 day simple moving average is $29.12. The firm has a market capitalization of $5.49 billion, a PE ratio of -80.27 and a beta of 1.72. Allegro MicroSystems has a one year low of $16.38 and a one year high of $38.45. The company has a quick ratio of 2.26, a current ratio of 3.70 and a debt-to-equity ratio of 0.34.
Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its earnings results on Thursday, October 30th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.01. The firm had revenue of $214.29 million for the quarter, compared to analyst estimates of $210.75 million. Allegro MicroSystems had a positive return on equity of 2.09% and a negative net margin of 9.00%.The business's revenue was up 14.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.08 earnings per share. Allegro MicroSystems has set its Q3 2026 guidance at 0.120-0.160 EPS. On average, sell-side analysts expect that Allegro MicroSystems will post 0.01 earnings per share for the current year.
Insider Buying and Selling at Allegro MicroSystems
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In related news, CAO Roald Graham Webster sold 8,266 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $32.81, for a total value of $271,207.46. Following the transaction, the chief accounting officer directly owned 17,300 shares in the company, valued at approximately $567,613. This represents a 32.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.40% of the company's stock.
Hedge Funds Weigh In On Allegro MicroSystems
Several institutional investors have recently modified their holdings of ALGM. GAMMA Investing LLC increased its position in shares of Allegro MicroSystems by 144.3% during the 1st quarter. GAMMA Investing LLC now owns 4,155 shares of the company's stock valued at $104,000 after purchasing an additional 2,454 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Allegro MicroSystems by 18.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,883 shares of the company's stock valued at $668,000 after purchasing an additional 4,185 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Allegro MicroSystems by 1,647.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 394,572 shares of the company's stock valued at $10,330,000 after purchasing an additional 371,987 shares during the last quarter. New York State Teachers Retirement System increased its position in shares of Allegro MicroSystems by 47.6% during the 1st quarter. New York State Teachers Retirement System now owns 33,800 shares of the company's stock valued at $849,000 after purchasing an additional 10,900 shares during the last quarter. Finally, Teacher Retirement System of Texas bought a new position in shares of Allegro MicroSystems during the 1st quarter valued at about $473,000. 56.45% of the stock is currently owned by institutional investors.
Allegro MicroSystems Company Profile
(Get Free Report)Allegro MicroSystems, Inc, together with its subsidiaries, designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.
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